By
Chimamanda U. Martha
April 19th, 2024
The Montenegrin Ministry of Justice faces the challenge of reaching a conclusive decision on Kwon Do-hyung’s repatriation by the approaching deadline of December 15.
A high-ranking official in Montenegro is considering extraditing Do Kwon to the US to answer criminal charges related to the collapse of his TerraUSD (UST) stablecoin and Luna (LUNA) token, according to The Wall Street Journal’s report on Thursday.
The failures of UST and LUNA, both developed by Kwon, triggered a crisis that had far-reaching implications throughout the crypto industry in 2022, resulting in widespread losses.
Kwon, who has been in Montenegro’s custody for several months, has been caught in the crossfire of conflicting requests from U.S. and South Korean authorities seeking jurisdiction over his case.
The Journal, relying on information from sources familiar with the situation, revealed that Montenegro’s Justice Minister, Andrej Milović, has privately indicated his intention to extradite Kwon to the US to face charges of fraud and securities law violations.
Do Kwon Appeals Against Court Extradition
In a recent update, Kwon Do-hyung, the founder of Terraform Labs (TFL), has filed an appeal against the extradition ruling issued by the High Court of Podgorica in Montenegro.
The Montenegrin Court of Appeal confirmed on December 6 that Kwon Do-hyung has contested the decision, stating:
“I do not accept the court’s decision to extradite me, so I do not submit to the court’s decision.”
This appeal necessitates a reassessment of the extradition decision by the Montenegrin Court of Appeals. As a result, the Montenegrin Ministry of Justice faces the challenge of reaching a conclusive decision on Kwon Do-hyung’s repatriation by the approaching deadline of December 15.
This legal development follows the Montenegrin court’s initial decision on June 15 to detain Kwon Do-hyung for extradition, setting a six-month detention period until December 15.
Marija Rakovic, the press officer of the Podgorica High Court, clarified on December 1 that individuals involved in extradition cases, like Kwon Do-hyung, have the right to challenge court decisions, reports local publication Digital Asset. She explained, “Once the appeal is submitted, the Montenegro Court of Appeals will decide (on extradition) again.” Although local belief suggests minimal chances of overturning the repatriation decision, the legal process continues to unfold.